An Orlando real estate investment group has the second Mama B's Giant Subs property in Downtown Orlando's SoDo District under contract, with a month of due diligence ahead before an earnest money deposit goes hard.
Located at 1101 S. Orange Ave. on the southeast corner with Annie Street, the 0.34-acre parcel includes a 2,116-square-foot restaurant building, and lies less than a city block from Orlando Regional Medical Center and the new Crescent Lucerne mixed-use development on Gore Street.
The property was first listed for sale in August 2016 at $1.2 million by Mama B's owners the Adamik family, which were opting to retire after establishing their downtown sandwich shop in 1975.
The family's first Mama B's property in north downtown, at the corner of N. Orange Avenue and Colonial Drive, sold in early May for $750,000 to local pet supply and grooming business Magic Pet, which plans to renovate the restaurant into a new store.
"We're in the early stages of due diligence with another month to go," he told GrowthSpotter on Tuesday. "It's a small site so it has its challenges, but it's very well positioned and within the area we've tried to focus our investments, what I call the hospital-to-hospital district of Downtown Orlando."
If acquired, the property's LLC affiliate owner would fall under Upshot's Real Estate Fund I LP, which in the past year has bought a vacant office building on Downtown Orlando's E. South Street, has 28 acres under contract on Kissimmee's E192 tech corridor, and has a 1.56-acre site under contract next to Downtown Orlando's Doubletree by Hilton hotel.
Zoning on the Mama B's property could allow for mixed-use redevelopment, but that would be a challenge without intense vertical plans or acquiring surrounding parcels, said Socarras, who noted his group is not pursuing such an assemblage.
"What we like is the location, and our methodology is to buy properties with strong underlying real estate, so we don't need to have a use in mind right away," he continued. "There's a lot of civil engineering work to do on the site to understand uses that could work on that (0.34-acre) size.
"We have no direct users in mind at the moment, but think there is great potential down the line for a (single-tenant retailer) that wants to be near the hospital and new Crescent Lucerne project."
Socarras declined to confirm the potential sale price under contract. The seller's agent, Edward Johnston of EXIT Realty, last updated web listings for the SoDo property in mid-May with a price of $950,000.